Chase Launches New Alternative To Checking Account

By: AP
By: AP

NEW YORK (AP) -- Chase is launching a new prepaid card designed to be an alternative to a checking account as banks try to recoup fees they've lost under recent regulatory changes.

The New York company says the reloadable Chase Liquid card is available at 200 branches, and will expand nationwide this summer.

Consumers will pay a $4.95 monthly fee for the reloadable card. They can use it the same way they do a debit card to make purchases and withdraw cash from ATMs and Chase branches. JPMorgan Chase & Co. says it is a low-cost alternative to traditional checking accounts.

Banks are looking to a number of new ways to increase their revenue after regulatory changes limited the fees they can collect from merchants when customers make a purchase with a debit cards.

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